Roger Ver, founder of bitcoin.com, who's known as "Bitcoin Jesus," joins CNBC's "Power Lunch" team to talk about the cryptocurrency markets, the price of Bitcoin and more.
Crypto Press Association Editorial:
Okay, i'm neither a Bitcoin Cash hater, or fanatic. I hold some, and I hold some of the original (whatever you may call it) Bitcoin as well.
As someone who works in crypto full time, and regularly pays people or receives payments in crypto, I have also experienced the downsides of Bitcoin when the network is congested, and fees are high. Which is why I tend to request payments of funds I intend to live off (and not HODL) in another coin. My landlord doesn't take crypto, so if i'm about to convert it to fiat currency upon receiving it so I can pay my insane San Francisco Bay Area rent - Ethereum or Litecoin is fine.
I just wanted to establish for the Bitcoin Cash die-hard believers - i'm not the enemy.
But I do have one issue, and the above video is a perfect example.
Roger claims that Bitcoin Cash needs to exist because of the previously mentioned issues with Bitcoin. Summed up, these issues have rendered Bitcoin unusable as a replacement for cash, which is one of it's intended uses, as outlined by the ultimate authority on the subject - Satoshi himself, in the Bitcoin whitepaper. So far so good, solid argument.
But then you guys say things like "it could still go up 1000X" and that's where you lose me completely.
So i'm supposed to spend something that could increase in value by 1000X? Are you KIDDING ME?
If the 1000x thing is even half true, we better not spend even a fraction of a Bitcoin Cash token - you'd have to be insane.
No investment advisor would suggest selling a stock they believe would even 10X in value - yet Roger will go on TV to talk about how easy it is to give up (spend) an asset of yours that would have made you rich if you just held onto it?
So, we've established only an idiot would spend Bitcoin Cash.
But now that we're not spending it... who cares about the transaction times and fees? These don't matter now that you've just convinced me to HODL.
You're seriously saying I should think "thank god there's no $10 transaction fee" when the day comes and I finally sell my Bitcoin Cash... at $200,000 per coin!? Who cares!
So do we spend this thing like cash, or hold on because it's current price is nothing compare to whats coming?
Cash depreciates in value, literally the opposite of what you say Bitcoin Cash will do. That's why we can't treat them the same.
Having it both ways is destroying the argument that it needs to exist at all. Everyone agrees the original Bitcoin is fine as long as you're not trying to spend it.
But then, if we're not spending it we can't make case that Bitcoin Cash needs to exist - bringing its entire value into question. Its a messy value analysis when you take all of these claims into account.
So - which is it? Or how do you rationalize saying both "it's great because you can spend it" and "save it and you'll become rich" at the same time?
Share your thoughts with us on Twitter @TheCryptoPress
-------
Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk
Crypto Press Association Editorial:
Okay, i'm neither a Bitcoin Cash hater, or fanatic. I hold some, and I hold some of the original (whatever you may call it) Bitcoin as well.
As someone who works in crypto full time, and regularly pays people or receives payments in crypto, I have also experienced the downsides of Bitcoin when the network is congested, and fees are high. Which is why I tend to request payments of funds I intend to live off (and not HODL) in another coin. My landlord doesn't take crypto, so if i'm about to convert it to fiat currency upon receiving it so I can pay my insane San Francisco Bay Area rent - Ethereum or Litecoin is fine.
I just wanted to establish for the Bitcoin Cash die-hard believers - i'm not the enemy.
But I do have one issue, and the above video is a perfect example.
Roger claims that Bitcoin Cash needs to exist because of the previously mentioned issues with Bitcoin. Summed up, these issues have rendered Bitcoin unusable as a replacement for cash, which is one of it's intended uses, as outlined by the ultimate authority on the subject - Satoshi himself, in the Bitcoin whitepaper. So far so good, solid argument.
But then you guys say things like "it could still go up 1000X" and that's where you lose me completely.
So i'm supposed to spend something that could increase in value by 1000X? Are you KIDDING ME?
If the 1000x thing is even half true, we better not spend even a fraction of a Bitcoin Cash token - you'd have to be insane.
No investment advisor would suggest selling a stock they believe would even 10X in value - yet Roger will go on TV to talk about how easy it is to give up (spend) an asset of yours that would have made you rich if you just held onto it?
So, we've established only an idiot would spend Bitcoin Cash.
But now that we're not spending it... who cares about the transaction times and fees? These don't matter now that you've just convinced me to HODL.
You're seriously saying I should think "thank god there's no $10 transaction fee" when the day comes and I finally sell my Bitcoin Cash... at $200,000 per coin!? Who cares!
So do we spend this thing like cash, or hold on because it's current price is nothing compare to whats coming?
Cash depreciates in value, literally the opposite of what you say Bitcoin Cash will do. That's why we can't treat them the same.
Having it both ways is destroying the argument that it needs to exist at all. Everyone agrees the original Bitcoin is fine as long as you're not trying to spend it.
But then, if we're not spending it we can't make case that Bitcoin Cash needs to exist - bringing its entire value into question. Its a messy value analysis when you take all of these claims into account.
So - which is it? Or how do you rationalize saying both "it's great because you can spend it" and "save it and you'll become rich" at the same time?
Share your thoughts with us on Twitter @TheCryptoPress
-------
Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk
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